Egypt-based Glint reaches initial close of second fund at $3m
TLDR
- Glint, a consulting and investment firm based in Egypt, achieves first close of its second venture fund at $3 million, backed by Wadi Degla Group.
- The new fund focuses on startups using a venture studio model to nurture innovative Egyptian companies with expansion potential.
- Glint targets investments in Seed to Series A stages, with ticket sizes between $250K to $500K, supporting successful businesses like Darwinz.ai, Iqraaly, Wasla, Kashier, and Filkhedma.
Glint, a boutique consulting and investment firm in Egypt, has reached the first close of its second venture fund. With an initial close of $3 million, supported by Wadi Degla Group, Glint's new fund will concentrate on startups through its proprietary venture studio model.
The fund aims to aid innovative entrepreneurs in developing disruptive, technology-based Egyptian companies capable of expanding into regional and international markets. It targets investments between the Seed and Series A stages, with ticket sizes ranging from $250K to $500K.
Having launched six years ago, Glint has played a pivotal role in supporting numerous successful businesses, including Darwinz.ai, Iqraaly, Wasla, Kashier, and Filkhedma.
Points clés à retenir
Egypt's startup ecosystem stands out as one of the most robust in North Africa, achieving a position among the top 100 globally. This success is attributed to a surge in venture capital funding and the implementation of startup-friendly policies in recent years. The proliferation of tech incubators and global accelerators has played a pivotal role in fostering the growth of the technology sector. Several venture capital firms and government-backed initiatives are instrumental in providing funding and support to startups in the country. Noteworthy among these is Egypt Ventures, a government-backed entity aimed at fostering innovation by supporting technology-based startups. Additionally, Nclude, a fintech fund supported by Egypt's major banks, and Global Ventures are contributing further investments to Egypt's technology sector.
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